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Archive - 2021-03-15
Cloud computing firm DigitalOcean aims for nearly $5bn valuation in US IPO
Stocks

Cloud computing firm DigitalOcean aims for nearly $5bn valuation in US IPO

  • The company is looking to raise as much as $775.5 million through an offering of 16.5 million shares, priced between $44 and $47 apiece, according to a regulatory filing.
  • DigitalOcean provides its cloud platform and tools to developers, startups and small- and medium-sized businesses and has over 570,000 customers in more than 185 countries.
Updated 15 Mar, 2021 09:28pm
Volkswagen to switch EV battery type, leaving supply deals in doubt
Companies

Volkswagen to switch EV battery type, leaving supply deals in doubt

  • Volkswagen plans to use the prismatic type of battery, increasingly turning to supplies from China's Contemporary Amperex Technology Co Ltd (CATL), South Korea's Money Today online news site reported earlier on Monday, citing unnamed South Korean battery industry sources.
  • The German carmaker declined to comment. Volkswagen plans to announce its battery procurement plans at its Power Day event on Monday, Money Today reported.
Updated 15 Mar, 2021 09:28pm
Canada's Rogers to buy rival Shaw Communications in C$26bn deal
Industry

Canada's Rogers to buy rival Shaw Communications in C$26bn deal

  • Rogers said Shaw shareholders will receive C$40.50 per share, representing a premium of nearly 70% premium to Shaw's last close.
  • As part of the deal, expected to close in the first half of 2022, the combined company will also invest C$2.5 billion in 5G networks over the next five years across Western Canada, Rogers said.
Updated 15 Mar, 2021 09:28pm
Liquidity of UAE banking system back to pre-COVID-19 levels: central bank
Money & Banking

Liquidity of UAE banking system back to pre-COVID-19 levels: central bank

  • Banks' drawdown of a zero-cost liquidity facility under the TESS scheme stood at 22 billion dirhams ($5.99 billion) this month, down from a peak of 44 billion dirhams in the second quarter of last year, the central bank said.
  • The introduction of the stimulus package came at a critical juncture and ensured that banks were able to mitigate funding and liquidity pressures and maintain their lending capacity.
Updated 15 Mar, 2021 09:28pm
Bitcoin falls back sharply after weekend record
Forex

Bitcoin falls back sharply after weekend record

  • Bitcoin's new high also came as ten-year US Treasury yields hit a 13-month high of 1.64% on Friday.
  • Since the start of 2020, correlations between bitcoin and copper, equities and, in particular, breakeven inflation have increased.
Updated 15 Mar, 2021 09:27pm
China to strengthen anti-trust regulatory powers
South Asia

China to strengthen anti-trust regulatory powers

  • China will improve the making of laws and regulations over internet platform companies to "fill in the gaps and loopholes in rules" to step up regulatory framework design on data ownership.
  • China will also enhance the authority of regulators, and include all financial activities into financial regulation, it said.
Updated 15 Mar, 2021 09:27pm
Germany's IDT to make J&J's COVID-19 shot using Takeda manufacturing capacity
Companies

Germany's IDT to make J&J's COVID-19 shot using Takeda manufacturing capacity

  • "I am grateful to our long-standing customer Takeda for its flexibility, which enables us to provide the world with much-needed COVID-19 vaccines," said IDT Biologika Chief Executive Juergen Betzing.
  • Dessau-based IDT is already producing AstraZeneca's COVID-19 vaccine, as well as developing its own shot against the coronavirus.
Updated 15 Mar, 2021 09:27pm
South Africa's Eskom aims for 'acceptable' power performance by late 2021
Companies

South Africa's Eskom aims for 'acceptable' power performance by late 2021

  • Eskom struggles to power Africa's most industrialised nation because of repeated faults at its ailing coal-fired power station fleet, constraining economic growth.
  • "Eskom is committed to recovering its operational performance and will not compromise on ... maintenance and mid-life refurbishment," it said.
Updated 15 Mar, 2021 09:27pm
Nigeria's unemployment rose to 33.3pc in fourth quarter, stats office says
Africa

Nigeria's unemployment rose to 33.3pc in fourth quarter, stats office says

  • The unemployment rate stood at 33.3% in the fourth quarter, the National Bureau of Statistics (NBS) said, up from 27.1% in the second quarter, when the data was last published. Unemployment of 23.1% was first reported for the third quarter of 2018.
  • Access Bank, Nigeria's largest lender, cut staff salaries and sacked contract workers accounting for 75% of its 30,000 workforce to save costs, banking sources told Reuters.
Updated 15 Mar, 2021 09:26pm
South Africa's rand firms as focus turns to Fed meeting
Forex

South Africa's rand firms as focus turns to Fed meeting

  • The rand had earlier in the session struggled to make meaningful gains as scheduled power outages by state utility Eskom dragged into their sixth day and weighed on sentiment.
  • Eskom said on Monday that it aimed to get its power plant performance to "acceptable levels" by late 2021.
Updated 15 Mar, 2021 09:26pm
Dubai leads most of Gulf higher; Saudi index dips
Stocks

Dubai leads most of Gulf higher; Saudi index dips

  • Dubai's main share index closed 0.7% higher, with blue-chip developer Emaar Properties and Dubai Investments, the Gulf-based diversified investment group, both advancing 2.5% each.
  • Saudi Arabia's benchmark index eased 0.2%, hit by a 1.2% fall in Al Rajhi Bank and a 1.1% increase in Samba Financial Group.
Updated 15 Mar, 2021 09:26pm
Soybeans down 2-3 cents; corn, wheat mixed
Commodities

Soybeans down 2-3 cents; corn, wheat mixed

  • Wheat futures choppy following weekend storms that brought beneficial moisture to dry areas of the US Plains winter wheat belt.
  • Russian wheat export prices fell for a second consecutive week last week after the Russian origin lost a major tender in Egypt and CBOT wheat prices fell, analysts said.
Updated 15 Mar, 2021 09:26pm
Real's Hazard to miss Atalanta game, Zidane at a loss to explain issues
Sports

Real's Hazard to miss Atalanta game, Zidane at a loss to explain issues

  • The Belgian international joined Real in a 150 million euro ($178.83 million) deal in 2019 but has been blighted by injuries, making 25 La Liga appearances since signing.
  • "He won't be fit. They're things that I can't explain. I want to be positive and hope that it's not too much of a problem," Zidane told a news conference.
Updated 15 Mar, 2021 09:26pm
Kazakhstan's Halyk Bank aims for 2021 profit of over 400bn tenge
Money & Banking

Kazakhstan's Halyk Bank aims for 2021 profit of over 400bn tenge

  • The bank targets total net loan book growth in the area of 16% and a net interest margin of 5.0%, it said in a presentation.
  • Halyk, eclipsed in terms of market capitalisation by Kaspi.kz, a fintech-focused rival which listed in London last year, said it aimed to boost its digital sales this year.
Updated 15 Mar, 2021 09:26pm
Canadian home sales and prices surge, while starts remain elevated
USA

Canadian home sales and prices surge, while starts remain elevated

  • Home resales jumped 6.6% in January from February, and actual sales, not seasonally adjusted, soared 39.2% from a year earlier, CREA said on Monday. The group's Home Price Index was up 17.3% from last February and up 3.3% from January.
  • The two big challenges that continue facing Canadian housing markets are the same ones we've been facing for months - COVID-19 and a lack of supply.
Updated 15 Mar, 2021 09:26pm
Brazilian soy capital Sorriso declares state of emergency after rains
Commodities

Brazilian soy capital Sorriso declares state of emergency after rains

  • The emergency decree will allow the local government to forgo formal competitive bidding to rebuild bridges and roads, the statement said. It also guarantees farmers the ability to renegotiate contracts and debts, the statement said.
  • The local government of Sorriso estimates losses of 1.5 billion reais ($269 million) for the private sector after the heavy rains.
Updated 15 Mar, 2021 09:26pm
TSX gains on firmer materials, upbeat economic data
Stocks

TSX gains on firmer materials, upbeat economic data

  • The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.8% as gold futures rose 0.7% to $1,731.9 an ounce.
  • Meanwhile, Canadian Real Estate Association said domestic home sales rose 6.6% in February from the previous month, setting a new all-time record.
Updated 15 Mar, 2021 09:25pm
Guardiola says talk of Man City quadruple not realistic
Sports

Guardiola says talk of Man City quadruple not realistic

  • No English club has ever won both domestic cup competitions, the league and European Cup in the same season but City remain in the mix for all of them.
  • "Four titles has never happened before and I don't think it will happen this season with the situation," said Guardiola.
Updated 15 Mar, 2021 09:25pm
Israeli telecom Bezeq hopes for payday from fibre optic network rollout
Companies

Israeli telecom Bezeq hopes for payday from fibre optic network rollout

  • Bezeq began a full-scale fibre rollout this week but is a late entrant to the market where rivals such as mobile phone operators Cellcom and Partner Communications have already been deploying their own networks in recent years.
  • "There's a lot of extra revenue coming from broadband ... and we expect (fibre) to have a very positive effect on our numbers," Mizrahi told Reuters, citing customers upgrading and paying for installation.
Updated 15 Mar, 2021 09:25pm
Moderna testing new COVID-19 vaccine as potential booster shot
Companies

Moderna testing new COVID-19 vaccine as potential booster shot

  • The early-stage study will assess the safety and immunogenicity of mRNA-1283 at three dose levels, and will be given to healthy adults either as a single dose or in two doses 28 days apart, the company said.
  • Last week, Moderna began dosing the first participants in a study testing its COVID-19 booster vaccine candidates.
Updated 15 Mar, 2021 09:25pm
Germany's Scholz: Europe's fiscal rules are flexible enough
Europe

Germany's Scholz: Europe's fiscal rules are flexible enough

  • Asked ahead of a virtual meeting of euro zone finance ministers whether he expected a discussion about possible changes to the EU's Stability and Growth Pact, Scholz said member states should be pragmatic and focus on the existing possibilities to suspend the fiscal rules under certain circumstances.
Updated 15 Mar, 2021 09:25pm
Italy prosecutors seize batch of AstraZeneca vaccine after death of man
Europe

Italy prosecutors seize batch of AstraZeneca vaccine after death of man

  • The move represents another blow to the image of the AstraZeneca vaccine in Italy and will further hinder the government's anti-coronavirus inoculation campaign.
  • The Italian government has said there was no evidence of a connection between the deaths and the jabs and has allowed the AstraZeneca vaccine to continue to be administered.
Updated 15 Mar, 2021 09:25pm
Yields fall ahead of Fed meeting, auctions
Financial

Yields fall ahead of Fed meeting, auctions

  • The benchmark 10-year yield, which reached 1.642% on Friday, its highest level since February 2020, was last down 3 basis points at 1.6055%.
  • "What we expect is that there is not going to be any change at this point," said Kelly Ye, director of research at IndexIQ, a unit of New York Life Investment Management Holdings.
Updated 15 Mar, 2021 09:25pm
S&P 500 subdued as focus turns to Fed
Stocks

S&P 500 subdued as focus turns to Fed

  • Eli Lily drops after 'mixed' data from mid-stage trial.
  • Southwest, JetBlue signal recovery in leisure bookings.
  • Indexes: Dow up 0.1%, S&P flat, Nasdaq dips 0.1%.
Updated 15 Mar, 2021 09:24pm
German solar car firm Sono Motors explores US stock market listing
Stocks

German solar car firm Sono Motors explores US stock market listing

  • Sono Motors is developing an electric car that uses solar panels on its outside to power its batteries, but which can also be charged using a plug. The solar panels generate energy worth on average 112 kilometers a week.
  • Special purpose acquisition companies raise funds in an initial public offering with the aim of buying a private firm, which then automatically gets a stock market listing.
Updated 15 Mar, 2021 09:24pm
IMF research shows top firms becoming more dominant during pandemic
USA

IMF research shows top firms becoming more dominant during pandemic

  • Due to the pandemic, we estimate that this concentration could now increase in advanced economies by at least as much as it did in the 15 years to end of 2015.
  • "Even in those industries that benefited from the crisis, such as the digital sector, dominant players are among the biggest winners."
Updated 15 Mar, 2021 09:24pm
Goldman Sachs board nominates Royal Dutch Shell CFO for director role
Money & Banking

Goldman Sachs board nominates Royal Dutch Shell CFO for director role

  • If her appointment is approved by shareholders, Jessica Uhl will be the fifth woman director on Goldman's board and its only member to come from the fossil fuel industry.
  • Shell, where Uhl has worked since 2004, recently vowed to eliminate net carbon emissions by 2050, as it prepares to expand its renewables and low-carbon business in the face of growing investor pressure on the oil and gas sector to battle climate change.
Updated 15 Mar, 2021 09:24pm
Gilead, Merck collaborate to develop long-acting HIV treatment
Companies

Gilead, Merck collaborate to develop long-acting HIV treatment

  • As part of the non-exclusive agreement, the companies hope to develop a therapy that allows for less frequent dosing, compared to the current once-daily treatments available to HIV patients.
  • "The market will infer that GSK and ViiV are left out in the cold here, supporting our long-standing concerns over the longer term outlook for GSK's HIV franchise."
Updated 15 Mar, 2021 09:24pm
Mexican president seeks inquiry into judge who halted power sector reform
USA

Mexican president seeks inquiry into judge who halted power sector reform

  • The order by Judge Juan Pablo Gomez Fierro argued that the legislation may violate constitutional provisions that ensure the right to free competition, and ordered it suspended for the duration of the trial.
  • There are people, organizations and companies related to the old regime who act based on their well-known economic and political interests, who use corruption and influence peddling as their modus operandi.
Updated 15 Mar, 2021 09:24pm
Brazil's real slides over 1pc; oil weighs on Colombian peso
Forex

Brazil's real slides over 1pc; oil weighs on Colombian peso

  • The real fell 1.3% too 5.629 per dollar after gaining 2.5% last week. On the year, the currency is one of the worst-performing among emerging market peers, down nearly 8% compared with a 0.6% slip in the broader EM index .
  • "The currency is over 20% cheap in real effective exchange rate terms," said JPMorgan strategists in a note.
Updated 15 Mar, 2021 09:24pm
GM builds pickups without certain modules due to global chip shortage, hurting fuel economy
Companies

GM builds pickups without certain modules due to global chip shortage, hurting fuel economy

  • The lack of the active fuel management/dynamic fuel management module means affected models, equipped with the 5.3-liter EcoTec3 V8 engine with both six-speed and eight-speed automatic transmission, will have lower fuel economy by one mile per gallon, spokeswoman Michelle Malcho said.
  • "By taking this measure, we are better able to meet the strong customer and dealer demand for our full-size trucks as the industry continues to rebound and strengthen," Malcho wrote in an email.
Updated 15 Mar, 2021 09:24pm
CM reviews reforms in BoR
Pakistan

CM reviews reforms in BoR

  • The CM said that a one-window property registration system had also been launched in the Board of Revenue by setting up 9 such centres.
Published 15 Mar, 2021 08:56pm
KU postpones B.Com annual Exams
Pakistan

KU postpones B.Com annual Exams

  • The decision was taken after the provincial government issued the notification for prevention and protection from Covid-19 on Monday, March 15, 2021.
Published 15 Mar, 2021 08:11pm
Rangers personnel martyred, five injured in Karachi blast
Pakistan

Rangers personnel martyred, five injured in Karachi blast

  • The blast took place near a Rangers vehicle that parked in the Mominabad area.
  • SSP West Karachi said that that pieces of evidences collected from the crime scene show that the blast reportedly occurred in a motorcycle with explosive material installed in it.
Published 15 Mar, 2021 07:33pm
Tesla names Musk 'Technoking' in cryptic regulatory filing
Companies

Tesla names Musk 'Technoking' in cryptic regulatory filing

  • The electric-car maker did not elaborate on the reasons for the cryptic new titles in a pair of statements that also said President of Automotive Jerome Guillen had moved to the role of President for Tesla Heavy Trucking, effective March 11.
  • Last month, Tesla revealed it had purchased $1.5 billion of bitcoin and would soon accept it as a form of payment for cars, sending the price of the world's most popular cryptocurrency soaring.
Published 15 Mar, 2021 06:52pm
Luis Enrique names four debutants, drops Kepa, from Spain squad
Sports

Luis Enrique names four debutants, drops Kepa, from Spain squad

  • Barcelona's 18-year-old forward Pedri, Brighton & Hove Albion goalkeeper Robert Sanchez, Eibar attacker Bryan Gil and fullback Pedro Porro of Sporting are the new faces in a squad that only contains six players from Spain's 'big three' clubs.
  • His team mate Pedri has been one of the breakout stars of this La Liga campaign, making 26 La Liga appearances in his debut season.
Published 15 Mar, 2021 06:49pm
Bulgaria's jobless rate eases to 6.9pc in February
Europe

Bulgaria's jobless rate eases to 6.9pc in February

  • The jobless rate was 6.2% in February 2020.
  • Government support schemes for employment helped keep dole queues shorter, saving over 400,000 jobs since the start of the pandemic last March, the agency said.
Published 15 Mar, 2021 06:46pm
Biden's secretary of state makes overseas debut with visit to Japan, Korea
USA

Biden's secretary of state makes overseas debut with visit to Japan, Korea

  • The visit, from March 15 to 18, to Tokyo and Seoul is the first overseas trip by top cabinet members of President Joe Biden's administration and follows last week's Quad alliance summit of the leaders of the US, Japan, Australia and India.
  • The Quad summit pledged to work to ensure a free and open Indo-Pacific, a major priority for Tokyo, and cooperate on maritime, cyber and economic security in the face of challenges from Beijing.
Published 15 Mar, 2021 06:43pm
China's Geely to add $5bn battery plant in EV push
Companies

China's Geely to add $5bn battery plant in EV push

  • The total investment in the project by Geely's technology arm will be 30 billion yuan ($4.61 billion), according to a separate statement from the local government. Geely's technology group has previously invested in Ganzhou-based EV battery maker Farasis.
  • Geely, which owns Volvo Cars and a 9.7% stake in Daimler AG , is competing with Great Wall and Nio Inc .
Published 15 Mar, 2021 06:41pm
Novo Nordisk owner, Danish government in talks about vaccine production
Europe

Novo Nordisk owner, Danish government in talks about vaccine production

  • We can confirm that we have discussions with the government about the possibilities of establishing a vaccine production in Denmark.
  • Business Minister Simon Kollerup confirmed in an email that the government is in talks with the country's life science industry, including the foundation.
Published 15 Mar, 2021 06:39pm
Dollar sets pace ahead of key central bank meetings
Forex

Dollar sets pace ahead of key central bank meetings

  • Gains in the greenback were more pronounced against low-yielding currencies such as the euro and the British pound while high-yielding currencies like the Australian dollar fared relatively better.
  • Monday's trading theme is a continuation of the pattern we have seen in March and we have to see what the Fed does later this week to see if the rise in bond yields and dollar strength versus low yielders can carry on.
Published 15 Mar, 2021 06:37pm
Libya's new interim PM takes office
World

Libya's new interim PM takes office

  • More than 1,000 kilometres (630 miles) from the capital Tripoli in the west, Tobruk has been the seat of Libya's elected parliament since 2014.
Published 15 Mar, 2021 06:02pm
Southwest, JetBlue expect leisure bookings to help revenue
Industry

Southwest, JetBlue expect leisure bookings to help revenue

  • Southwest also forecast lower cash burn in the first quarter on Monday and said operating revenue for March and April was expected to improve as a rise in leisure bookings countered a lag in business travel.
  • The US airline expects average core cash burn to be about $14 million per day in the first quarter, compared with its previous forecast of about $15 million.
Published 15 Mar, 2021 06:00pm
UK shopper numbers rise for seventh week out of eight
Europe

UK shopper numbers rise for seventh week out of eight

  • Shopper numbers, or footfall, climbed 5.7% on UK high streets, was up 6.9% at retail parks, and up 9.8% at shopping centres.
  • The steady increase in visits to high streets and shopping centres delivers further evidence of the degree of pent up demand amongst consumers to return to stores.
Published 15 Mar, 2021 05:50pm
Brazil IBC-Br economic activity index jumps 1pc in January
USA

Brazil IBC-Br economic activity index jumps 1pc in January

  • The IBC-Br economic activity index, a leading indicator of gross domestic product, rose a seasonally adjusted 1.04% in December, significantly more than the 0.4% increase forecast in the Reuters poll. It was down 0.46% versus January last year.
Published 15 Mar, 2021 05:46pm
Battery maker Northvolt signs $14 billion order from Volkswagen
Companies

Battery maker Northvolt signs $14 billion order from Volkswagen

  • The battery maker also said it will sell its share in joint-venture Northvolt Zwei to Volkswagen, while the carmaker increases its ownership in Northvolt.
  • By consolidating cell production to the Northvolt Ett gigafactory, the partners will achieve further economies of scale, thereby securing the best possible cost and enabling the lowest environmental footprint in the world for cell production.
Published 15 Mar, 2021 05:44pm
PSG's Di Maria and Marquinhos homes robbed during Sunday's Nantes game: report
Sports

PSG's Di Maria and Marquinhos homes robbed during Sunday's Nantes game: report

  • That is why, after a brief discussion with PSG sports director Leonardo, Di Maria was taken off the pitch by coach Mauricio Pochettino after 62 minutes, the newspaper added.
  • Di Maria, who just extended his contract with PSG by one season until 2022, had already been a victim of an attempted burglary in 2015, during his spell with Manchester United.
Published 15 Mar, 2021 05:41pm
Man City playing almost 'Total Football' under Guardiola: Rose
Sports

Man City playing almost 'Total Football' under Guardiola: Rose

  • Guardiola's City are league leaders in the English top-flight, boasting a 14-point lead over second-placed and rivals Manchester United.
  • 'Total Football' is centred on the idea of players being accomplished and comfortable enough on the ball to play anywhere on the field.
Published 15 Mar, 2021 05:39pm
US airlines see 'glimmers of hope' as bookings improve
Industry

US airlines see 'glimmers of hope' as bookings improve

  • Earlier, Southwest Airlines and JetBlue Airways also pointed to a steady rise in leisure bookings as signs of a slowing pandemic due to vaccine rollouts drive more people to go on vacations or visit their friends and relatives.
Published 15 Mar, 2021 05:36pm
Canadian housing starts decline 13.5pc on month in February
USA

Canadian housing starts decline 13.5pc on month in February

  • The seasonally adjusted annualized rate of housing starts fell to 245,922 units from a revised 284,372 units in January, Canada's national housing agency said. Analysts had expected starts to fall to 245,000 units in February.
Published 15 Mar, 2021 05:32pm
U.S. becomes India's second biggest oil supplier, Saudi plunges to No. 4
USA

U.S. becomes India's second biggest oil supplier, Saudi plunges to No. 4

  • he United States overtook Saudi Arabia as India’s second biggest oil supplier after Iraq last month, as refiners boosted cheaper U.S. crude purchases to record levels to offset OPEC+ supply cuts, data from trade sources showed.
  • India’s imports from the United States - the world’s top producer - rose 48% to a record 545,300 bpd in February from the prior month, accounting for 14% of India’s overall imports last month.
Published 15 Mar, 2021 04:08pm
Women financial inclusion vital for economic growth, stresses SBP Baqir
Business & Finance

Women financial inclusion vital for economic growth, stresses SBP Baqir

  • “50 percent of the country's asset base as far as human resources are concerned are women. So we would not be doing justice as a country for our economic aspirations if we do not recognize that such sector of the society has to be supported so that they can play the role in the economic development of our country,” said Baqir.
Published 15 Mar, 2021 02:23pm
Kashmiris have suffered economic loss of over $5b since August 2019
World

Kashmiris have suffered economic loss of over $5b since August 2019

  • Conflict is a major source of food insecurity across the world, and Kashmir has become criminally trapped in the same situation, Munir Akram told UN Security Council.
  • The complete communications blackout have prevented Kashmiri farmers from reaching their farmlands, resulting in acute food shortages, the envoy further said.
Published 15 Mar, 2021 01:31pm
What you need to know about the coronavirus right now
World

What you need to know about the coronavirus right now

  • AstraZeneca Plc said a review of safety data for those who received its vaccine showed no evidence of increased risk of blood clots. The review covered more than 17 million people in Britain and the European Union.
Published 15 Mar, 2021 11:58am
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